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NIDIS reported that as of August 30, 2022, drought affected about 10% of the Midwest, with the most intense extreme (D3) drought in northwestern Iowa and southwestern Missouri. Corn and soybeans were rated in good condition overall, but yields were expected to fall in drought-hit areas, particularly Iowa and Missouri.
Localized yield losses in key Corn Belt states tighten supply and support corn and soybean prices, though the crop's overall condition limits the upside.
drought.govSep 2, 2022After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
